World News - Gold May Rise for Third Week on Demand for Dollar Alternative

Gold may rise for a third straight week on speculation that the dollar will slide as the Federal Reserve halts interest-rate increases, boosting the appeal of the precious metal as an alternative to the U.S. currency. Twenty-one of 35 traders, investors and analysts surveyed by Bloomberg News from Sydney to Chicago on Aug. 3 and Aug. 4 advised buying gold, which rose 1.3 percent last week to $656 an ounce in New York. Seven said to sell, and seven were neutral. Gold has climbed 26 percent this year as the dollar slid 8.7 percent against the euro. The dollar fell to a two-month low last week on increasing speculation the Fed will take a breather after boosting borrowing costs at each of the 17 policy meetings since June 2004. ... http://www.bloomberg.com

At least 13 people have been killed in a barrage of Hezbollah rocket strikes on northern Israel. Twelve reservist soldiers died in an attack on the town of Kfar Giladi. A hail of rockets later landed on the Israeli port city of Haifa, killing one and injuring at least 20. Reports said that at least one building collapsed. Meanwhile, the UN is debating a draft resolution on the crisis, demanding Hezbollah halt all attacks and Israel stop all offensive military operations. But Lebanon has formally asked the United Nations security council to revise its proposed resolution. The Lebanese representative at the UN, Nouhad Mahmoud, said he had submitted an amendment, calling for Israeli forces to withdraw from Lebanese territory. Speaking before the amendment was submitted, US Secretary of State Condoleezza Rice said a quick vote was important, and if passed, the resolution should end large-scale violence soon. ...http://news.bbc.co.uk/2/hi/middle_east/5249972.stm

Lebanon asked the U.N. Security Council on Sunday to revise a draft resolution seeking an end to fighting between Israel and Hizbollah guerrillas to include a demand for the withdrawal of Israeli troops. Lebanese foreign ministry official Nouhad Mahmoud gave the 15 council members an amendment calling for Israel to pull out of southern Lebanon, in addition to an end to hostilities.Paris and Washington hope their resolution seeking an end to fighting can be adopted within a day or two, but Lebanese officials have said it ignores their appeals for an immediate cease-fire and a full Israeli withdrawal from southern Lebanon, as called for in Beirut's seven-point peace plan."Lebanon, and all of Lebanon, rejects any resolution that is outside these seven points," Parliament Speaker Nabih Berri, who has been negotiating on behalf of Hizbollah, said in Beirut....http://news.yahoo.com/s/nm/20060806/pl_nm/mideast_un_dc

The single winning ticket for the $208.6 million prize in the multistate Powerball was sold to someone in Fond du Lac, a city with a history of big jackpot winners, the Wisconsin Lottery said.The ticket for the Saturday night drawing was bought at Ma and Pa Grocery Express, which has its own winning history. And the store is located on South Main Street, called the "Miracle Mile" because several stores there sold multimillion-dollar tickets in the 1990s.The winner had not come forward as of Sunday morning, said Phil Moses, co-owner of Ma and Pa's.The winning numbers drawn Saturday were 2, 3, 9, 48, 50 and the Powerball was 23....http://www.usatoday.com/news/nation/2006-08-06-powerball-winner_x.htm?csp=34

The National Weather Service reported that a tornado touched down in Warroad on Saturday night. No injuries were reported.Jeff Hellquist, who works for the city's water and sewer department, said a gift store called the Trading Post was completely destroyed, along with a city pool."We're just kind of scoping out everything yet," he said. "Quite a bit of damage, but thankfully nobody's killed or hurt that we know of."A dispatcher for the Roseau County Sheriff's Department said the sheriff and other public officials weren't available to talk about the storm damage. At the closest hospital, Roseau Area Hospital, nurse Connie Borowicz said there were no reports of injuries....http://www.usatoday.com/weather/storms/2006-08-06-minn-tornado_x.htm?csp=34

An Iraqi army medic has told a military hearing in Baghdad how he found the bodies of four Iraqis allegedly murdered by US troops. The preliminary hearing will establish if there is sufficient evidence to court martial four American soldiers. The men are accused of raping and killing an Iraqi girl and murdering three of her family members in Mahmudiya, south of Baghdad. It is one of a series of atrocities being blamed on US forces in Iraq. Sergeant Paul Cortez, Specialist James Barker, Private Jesse Spielman and Private Bryan Howard are charged with conspiring to rape the girl in the attack on 12 March after shooting dead her parents and five-year-old sister. Body burnt Iraqi witnesses are giving evidence in a closed session because of the risk that they could be targeted by insurgents for appearing to help the American military in its prosecution. ...http://news.bbc.co.uk/2/hi/middle_east/5249716.stm